Goldman Sachs nears deal to sell its fintech app: source

Updated: Wed, Sep 19, 2018
09:15 pm
Reuters
RELATED NEWS
Facebook files lawsuit against New Zealand company, three people Facebook files lawsuit against New Zealand company, three people
Corporate profits and U.S. economy chug along, defying recession fears Corporate profits and U.S. economy chug along, defying recession fears
Oil prices ease on expectation that OPEC will raise output Oil prices ease on expectation that OPEC will raise output

Goldman Sachs is in advanced talks with several financial companies to spin off its three-year-old app, Simon, which sells complex financial products to retail investors, a source familiar with the matter told Reuters.

Several companies, including JPMorgan Chase & Co, Barclays Plc, HSBC Holdings Plc, Credit Suisse, Wells Fargo & Co and insurer Prudential Financial Inc, have shown interest in the app, which is expected to be valued at about $100 million, the source said.

Simon, or Structured Investment Marketplace and Online, is part of Goldman`s web services platform, Marquee, which offers risk management and analytics tools to clients.

Goldman`s shares were up 2.1 percent at $223.71 in mid-day trading.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)